aml compliance

The Bank Secrecy Act
The U.S. Congress passed the Back Secrecy Act (BSA) in 1970. It is also referred to as the anti-money laundering law.

USA Patriot Act
President George W. Bush signed the U.S.A. Patriot Act into law on October 26, 2001. It expanded the application of the BSA to MSB's and their agents.

Developing an Anti-Money Laundering Program
Learn the requirements for your program. Carefully read the Agent's AML Compliance Guide to learn what must be in your written AML Program. To create an AML Program customized to your business, download the Anti-Money Laundering Manual.

Registration
Some money services business must register with the U.S. Department of Treasury. Find out if your business must register.

Reports and Record Keeping
Agents are required to report suspicious activity.

 

Registration

Each money services business must register with the U.S. Department of the Treasury, unless you are acting as an agent of an MSB.

  • The registration form must be completed and signed by the controlling person or owner of the business.
  • Registration must be renewed every two (2) years.
  • A copy of the registration and supporting documents must be kept for five (5) years at a business location in the United States.

The Bank Secrecy Act (BSA) and the USA Patriot Act require every Money Services Businesses (MSB) and agents to have the following:

  • a written AML Program, including policies, procedures and controls;
  • compliance officer;
  • employee training program; and
  • an independent review of the AML Program

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